🚨💥 Panic in the crypto market: Bitcoin drops $4,000 and confuses ETF experts! 💥🚨
Bitcoin has plunged again! This Tuesday, August 27, it plummeted by $4,000, going from over $62,000 to $58,000 at the end of the session. According to Coinglass, 87,920 traders were liquidated, with losses totaling $320 million in just 24 hours!
Despite a slight recovery to $59,600 at the time of writing, crypto markets are once again in decline, hitting support levels not seen since August 19. The total crypto market cap has fallen 7% to $2.17T as Bitcoin slides below $60,000.
📉 Towards months of “Chopsolidation”?
Benjamin Cowen, founder of ITC Crypto, points out that BTC has suffered another rejection from its bull market support band. “If we follow the last cycle, the trend may only change sustainably after an interest rate cut,” he added.
On-chain analyst James Check compared the current market structure to that of 2019 in a blog post: “The similarities between the 2024 chopsolidation and the 2019 chopsolidation are uncanny and unsettling.” In 2019, BTC went from $4,000 to $13,000 in three months, followed by 16 months of stagnation. A similar scenario in 2024 could see this chopsolidation extend into mid-2025.
Meanwhile, ETF experts remain perplexed by the panic selling. “The Bitcoin scaremongers may be worse than the stock market scaremongers,” commented Nate Geraci, president of the ETF Store. And Bloomberg ETF analyst Eric Balchunas wondered: “Okay Einstein, if ETFs bought $18 billion of Bitcoin, who the hell is selling?”
🔴 Altcoins in the red again!
Ethereum was not spared, plunging more than 10% in one day, from $2,700 to $2,400, before recovering slightly to $2,472. Other altcoins are also hemorrhaging, with heavy losses for Solana (SOL), Avalanche (AVAX), Near Protocol (NEAR), and Uniswap (UNI), among others.
However, some traders see an opportunity in this decline. Crypto trader Luke Martin believes that altcoins are at a “sell your house to buy more” level. The last time the $BTC was at this level, in the summer of 2020, it went from $10,000 to $60,000 in just six months!
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